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Schwab to sell its seats on NYSE

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Published: Dec. 23, 2004 at 1:37 PM
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SAN FRANCISCO, Dec. 23 (UPI) -- Charles Schwab of San Francisco said Thursday it plans to sell its memberships on the New York Stock Exchange.

The brokerage firm said it expects to close on the sale of its three NYSE seats during the first quarter of 2005.

Following the sale of those seats, Schwab will no longer maintain a membership on the Big Board.

Shares of the common stock of Charles Schwab Corp. will remain dually listed on the NYSE and Nasdaq stock markets.

The firm said the decision came after Charles Schwab Corp.'s sale of its capital markets and trading business on Oct. 31 and subsequent agreement to handle trade execution through a services agreement with UBS Securities.

© 2004 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.

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